I do hope my readers by now understand that we have entered the Greatest Depression. In fourteen weeks some 51.3 million Americans filed for unemployment. Many will not be returning to their original job as it no longer exists as airlines, major chains, restaurants and cruise ships entered bankruptcy. This is not the beginning of the end of the depression; indeed it is hardly the end of the beginning.
As a result of the Federal Reserve and an out of control Congress hurling money at the problem eventually Americans will wake up to the fact that the US is functionally bankrupt as both the bond market and the dollar evaporate into hyperinflation. As the debt snowball careens down the mountain gathering speed as it declines as 40% of Americans fail to pay their rent or mortgages the end result will be the banks closing.
We will have a debt jubilee since there is no other possible solution. It would be a very good time to own all resources along with gold and silver.
In May of 2020 CEO Albert Matter of NuLegacy Gold Corporation (NUG:TSX.V; NULGF:OTCQB) announced the appointment of Quinton Hennigh as a technical advisor to the company. To most people, that would seem a minor matter. Every company has technical advisors. But not every company has Quinton Hennigh as an advisor.
Albert Matter was one of the first people I dealt with when we began 321gold almost twenty years ago. He started and ran Alamos Gold until it was sold. Matter started NuLegacy in the dismal days of March 2009 and did a 70% option on the Red Hill project with Barrick. By early 2016 they had increased their ownership of Red Hill to 100%.
To suggest that NuLegacy is in the middle of elephant country would be to understate the obvious. They are in the Northern Nevada Rift and sit next to Barrick's Goldrush Mine and Cortez Hills Mine. So far the company has drilled 54,000 meters of core. Significant hits of 9.6 g/t Au over 5.1 meters, 16.9 g/t Au over 8.7 meters and 11.0 g/t Au over 12.2 meters say they are close to hitting the mother lode.
Quinton Hennigh has talked to Albert Matter and given him his interpretation of where they need to poke. NuLegacy just raised $5 million to help fund this year's program. They will submit their drill plan and permitting application to the BLM this month with the expectation that approval will be in hand by September with a 16 hole deep drilling program commencing in mid to late October.
I've known Quinton for a dozen years now. He is a bit of a magician with rocks. I think that with some simple changes to where and how NuLegacy drills, they are on to something giant in potential.
Albert Matter made it clear right up front with Quinton that he was valued and if NuLegacy succeeds, so will he.
NuLegacy is an advertiser. I participated in the latest private placement. As such that makes me biased. But I have known this story for years and I think they are going to hit. They do a great job of telling their story but as always, you must do your own due diligence.
NUG-V $0.13 (Jul 20, 2020)
NULGF-OTCQB 482 million shares
NuLegacy Gold website
Bob Moriarty founded 321gold.com, with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.[NLINSERT]
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